From The Wanton Seed:

"A widely travelled song, the colour of the recruit's cockade changing according to the area in which the song is found or the political opinion of a singer through whose hands (or mouth!) the song has passed. During the 18th century wars, cockades of their national colours were worn by the soldiers engaged. The white cockade became the distinctive emblem of the Jacobites and this is usually the colour mentioned in Northern counties, where the song may possibly have originated. "The Orange and Blue" (which also appears in the song Green Grows the Laurel,) may refer to the army of William III, in which case the "blue" version of the song must be the earlier."

Bliss & Napper and The Witches Of Elswick also do The Blue Cockade:


'Twas on one Monday morning as I stepped o'er the moss
I little thought of listing, till the soldiers did me cross
The company enticed me to drink their health all round
And the bounty they gave me, five guineas and a crown

My head was full of drink, love, I never thought of you
And now I'm forced to go and join the orange and the blue
My ship she waits at anchor, to take the flowing tide
I'll return love, in the spring time I'll make you my bride

So early the next morning, before the break of day
The captain gave his orders, and my love marched away
All in your rank and file boys, all on your native shore
Fare thee well love, you're the lad that I adore

But I hope you never prosper, I hope you always fail
At everything you venture, I hope you ne'er do well
And the very ground you walk on, may the grass refuse to grow
Since you've been the very cause of all my sorrow, grief and woe

It's true my love is 'listed, now he wears that blue cockade
He is a handsome young man, likewise a roving blade
He is a handsome young man, now he's gone to serve the king
While my very heart is aching all for the love of him.